Premier scrapped its earlier forecast for a 2-3% annual sales increase for the brands, which also comprise Loyd Grossman, Batchelors, Oxo, Ambrosia custard and Sharwoods.

In a statement, the company said: “While Power Brands’ sales for the second quarter are anticipated to be negative and below the company’s expectations, due to subdued grocery markets, profit expectations for the 12 months to 31 December 2014 remain unchanged, reflecting the company’s ongoing focus on managing its costs. As a result the company no longer expects Power Brands’ sales to grow by 2-3% for the year to 31 December 2014, as previously indicated.”

Earlier this year Premier also entered into a joint venture for its Hovis brand.